At last check Monday, Janover Inc. (NASDAQ:JNVR) shares were up over 560%.
A team of former Kraken executives has taken majority ownership of the company to help bridge the gap between so-called traditional finance (TradFi) and decentralized finance (DeFi).
The control group acquired 728,632 common shares and all 10,000 Series A Preferred shares.
Joseph Onorati has been named Chairman and CEO, and Parker White will serve as Chief Investment and Operating Officer.
Janover’s Board has implemented a new treasury policy to allocate its principal reserves into digital assets, beginning with Solana (SOL).
The company plans to acquire and stake SOL by purchasing Solana validators--key nodes that validate transactions and uphold network consensus.
These validators earn SOL rewards. Janover aims to use the generated revenue to acquire more SOL, creating a self-sustaining cycle.
Staking on Solana is a multi-billion dollar industry, and this move positions Janover to capitalize on it while continuing its shift toward a SaaS business model.
Founder Blake Janover and CFO Bruce Rosenbloom will remain actively involved in ensuring operational continuity and service quality.
As part of the transaction, the company plans to change its name and ticker symbol in the near future.
The new name will be DeFi Development Corporation, reflecting its strategic shift toward decentralized finance initiatives.
The company also disclosed that it had raised around $42 million in an offering of convertible notes and warrants from several investors. Proceeds will go toward acquiring digital assets, beginning with investments in the Solana ecosystem via U.S. public markets.
The notes, sold through a private offering, have a 2.5% annual interest rate, to be paid quarterly in cash.
The notes, expected to mature on April 6, 2030, can be converted into common stock if the company’s market cap hits $100 million on the day prior to the conversion date.
The conversion price will be the stock's last Nasdaq sale price at that time, with a minimum of $4.81.
For every $1,000 of notes, investors also receive warrants to buy ~8.3 shares at $120 and ~6.7 shares at $150, with standard anti-dilution protections.
Last month, the company reported fourth-quarter revenue growth of 80% year-on-year to $630,000. It also reported a net loss decline of 59% to $490,000.
Price Action: JNVR shares are up 555.75% at $26.23 at the last check Monday.
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